ENA Governance Votes 99% In Favor of Ethena Integrating With Ethereal

Ethena Labs, the synthetic stablecoin startup that launched USDe, has integrated with decentralized exchange (DEX) Ethereal after token holders approved the move in a governance vote.

ENA holders can now migrate to sENA and start earning Ethereal and Season 3 Ethena rewards. Meanwhile, a cooldown period for locked ENA was cut to zero so users can quickly migrate to sENA.

According to the team at Ethena Labs, sENA holders don’t need to do anything to start earning rewards, although there is an option for higher Ethereal points if users decide to lock in their sENA.

The proposal was submitted on Sept. 29 and requested Ethereal’s direct integration into “Ethena-related reserve management from launch to provide a fully onchain venue for management of spot and derivative positions backing USDe.” It got 99.6% approval.

ENA gained almost 5% $0.3. The token has added 30% to its value in the past month.

Ethena Labs also noted that Ethereal points multipliers will fade over time, with the highest points awarded in the first month and falling each month after launch.

The vote also committed 15% of any future token supply to sENA holders.